ING received bondholder approval to convert 10 outstanding euro benchmark covered bonds from hard to soft bullets yesterday (Tuesday) in the first time in such a consent solicitation that investors have approved all proposed conversions at the first attempt.

In a first round of investor meetings yesterday the Dutch issuer was given consent to convert all 10 of the euro-denominated issues – representing Eu17.05bn of issuance from its original Eu35bn covered bond programme – from hard to soft bullets.

The quorum for the meetings was two-thirds of the outstanding amounts, with a two-third majority vote required for each series. A five cent early participation fee was available, and will be paid today (16 September).

ING launched the solicitation on 24 August, with Credit Suisse and ING as solicitation agents.